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CSPAN
Dec 8, 2012 7:00pm EST
ultimately he controlled inflation by refusing to monetize the budget deficit. the problem began october 79 to drive down inflation from 12% down of 4% by 1982 it was down at 4% but the final victory for interest-rate after congress passed a balanced budget amendment called the gramm-rudman go the proposed draconian cuts in government spending less congress passed a balanced budget. sound familiar? one of the sponsors of the bill said it was a bad idea. yet only after gramm-rudman was passed then it climbed below the 10% level they had remained above the paul volcker first six years at the head of the central bank. what chartered the unprecedented legislation? just before past the late senator john heinz uncovered hidden agenda in the paul volcker plan. this so important i am going to reenact the conversation. ready? >> mr. chairman we have agreed the deficit is bad. but in my experience with congress is anything to go by, there will have to be a crisis to fix it. my question is, a you prepared to bring about the necessary crisis the year continued restrictive monetary policy? he could hard
CSPAN
Dec 8, 2012 9:00am EST
long-term deficit reduction, health care, the future of the republican party and more. .. >> guest: that he could not raise the adequate amount of wheat that he wanted to. because the government had decided they were going to control wheat plantings. and so what he said was, okay, then i can raise wheat for my chickens. and he took it all the way to the supreme court and lost that battle. >> host: why do you recount that story in "the debt bomb"? >> guest: because it's a great example on the enumerated powers and the unwinding -- why do we find ourself in the place we're in now? how'd we get here, what do by -- we do about it, and what are the ramifications? the greatest way for the government to make something expensive is for the government to make it affordable. and all you have to do is look at the programs. what were the average inflationary costs of health care before we created medicare and medicaid? they ran the same as every other aspect of our inflation. in other words, there was no differential between health care costs. now that we have a government program, what has ha
Search Results 0 to 1 of about 2